Tickers

Articles

Keywords

HCP Closes Acquisition of $1.7 Billion Senior Housing Portfolio

HCP (NYSE: HCP) closed the acquisition of 127 of the 133 senior housing
communities which HCP previously announced that it would acquire from a
joint venture between Emeritus Corporation (“Emeritus”) (NYSE: ESC) and
Blackstone Real Estate Partners VI, an affiliate of Blackstone (the
“Blackstone JV”). As part of this acquisition, HCP entered into
triple-net master leases with Emeritus, the nation's largest assisted
living and memory care operator, who will continue to operate the
communities. HCP expects to close the remaining six communities during
the fourth quarter after receipt of applicable third party consents.

“We are delighted to significantly expand our relationship with
Emeritus, a best-in-class operator, with this strategic transaction,”
said Jay Flaherty, HCP's Chairman and Chief Executive Officer.
“Congratulations go out to the Emeritus, Blackstone and HCP teams and to
Chicago Title for their extraordinary, diligent and cooperative efforts
that enabled us to close a transaction of this size within two weeks of
announcement,” Mr. Flaherty added.

ABOUT HCP

HCP, Inc. is a fully integrated real estate investment trust (REIT) that
invests primarily in real estate serving the healthcare industry in the
United States. The Company's portfolio of assets is diversified among
five distinct sectors: senior housing, post-acute/skilled nursing, life
science, medical office and hospitals. A publicly traded company since
1985, HCP: (i) was the first healthcare REIT selected to the S&P 500
index; (ii) has increased its dividend per share for 27 consecutive
years; and (iii) is the only REIT included in the S&P 500 Dividend
Aristocrats index. For more information regarding HCP, visit the
Company's website at www.hcpi.com.